If you’re looking for company accounting software, Quicken and QuickBooks are probably the first two brands that come to mind. You may be wondering if one of these platforms, which are among the most well-known in the financial planning software industry, is right for your business.
This article will compare Quicken vs QuickBooks for small businesses in this guide, describing what you need to understand about these software applications so you can make an informed decision for your company.
Quicken vs. QuickBooks: What’s the Difference?
The most key difference between QuickBooks and Quicken is that Quicken is intended for personal use, while QuickBooks is intended for small businesses. While Quicken’s Home & Business edition includes a few business finance functions, these are mostly designed for specialists with side ventures or rental properties.
QuickBooks, on the other hand (despite the version), is first and foremost a payroll software platform, with all of the features required for accounting, bookkeeping, and general financial planning.
Features of Quicken vs. QuickBooks
Let’s begin with some basics about each platform before we compare the features of Quicken Home & Business and QuickBooks Online.
To begin, Quicken Home & Business is a hosted cloud app, which means it must be downloaded and installed on your device. While the most recent version of this solution allows for some web and smartphone access, you must choose to use these features in order to sync your data across multiple locations. It’s also worth noting that Quicken Home & Business is only suitable with Windows XP, not those running on iOS.
On the contrary, QuickBooks Online is a web-based software application that allows you to access your account from any computer with an internet connection. Unlike Quicken Home & Company, which only has one edition, QuickBooks Online has four subscription options, each of which adds more features to the platform.
Features of Quicken Home & Business
Quicken Home & Business is essentially a step up from Quicken Premier, the company’s top-tier financial planning software platform. Quicken Home & Business contains all of the software’s functionality, such as transaction importing and classification, budgeting, bill pay, expenditure, and tax applications, and so on.
Additionally, this edition of Quicken includes features that cater to business owners, such as:
- Personal, company and rental property payments are divided into categories.
- Projection of profits and losses, as well as cash flow analyses
- Tools for optimizing tax deductions for businesses and generating tax-related reports
- Quicken allows you to email rental and company reports.
- Ability to customize and build invoices
- Dashboard for single bills with reminders
- Template rent reminders with a Digital wallet connection can be created and emailed.
- Rental revenue, contract terms, rental rates, and deposits are all tracked.
- Customer service is available by phone or online chat.
As you can see, the majority of Quicken’s business-related features are tailored to landlords. However, if you’re a freelancer, consultant, or sole trader with a small company, the software’s basic tools may be enough to meet your needs.
Features of QuickBooks Online
The most significant distinction between Quicken and QuickBooks, as previously stated, is that QuickBooks is designed primarily for business accounting and bookkeeping. As a result, the features of each QuickBooks Online plan are tailored to the tasks that business owners must complete.
Simple Start, Plus, Essential, and Advanced are the four QuickBooks Online plans. QuickBooks Online contains the following features, regardless of the package you choose:
- Multiple accounts are used to monitor company profits and expenditures.
- Filter transactions into tax groups automatically.
- Receipts should be captured and organized.
- Invoices can be customized and sent.
- Accept payments via the internet.
- Keep track of your mileage.
- Run and export reports such as profit and loss accounts, financial statements, and other income reports.
- Customize your reports
- Using a dashboard, you can keep track of cash flow and report on it.
- Create and submit estimates that are personalized.
- Keep track of revenue and figure out how much tax to charge.
- Organize 1099 staff
- QuickBooks Error Support 24/7 via live chat and phone support.
- Connect your company’s bank account
- Checks should be printed
- Install the QuickBooks mobile app.
- Connect to other QuickBooks and third-party applications.
- Give a company accountant account access.
- Call or speak with customer service support.
Of course, you’ll get more features with the higher-level plans. Multi-user access, bill control, and time monitoring are all included in the Essentials package. You’ll also have connections to inventory and project profitability monitoring with the Plus package. Batch invoicing, advanced reporting and analytics, flexible access by position, workflow management, and more will be available at the highest level, QuickBooks Online Advanced.
Finally, QuickBooks Online can satisfy a wide range of business owners, with four plans available that cover a broad range of accounting activities and features. This allows them to handle, simplify, and simplify their financial processes.
Quicken vs. QuickBooks: Price Difference
As you can see, comparing QuickBooks and Quicken isn’t exactly a fair analogy since they’re used for different things and have different features. With this in mind, you may be curious what the price differences are between Quicken and QuickBooks.
Quicken and QuickBooks, interestingly, differ significantly in this regard. Quicken Home & Company, which is mainly a desktop-based solution, charges an annual subscription fee, while QuickBooks Online costs a monthly subscription fee.
Quicken Home and Business Price
Quicken Home & Business has a straightforward pricing structure as a desktop-based product with just one version. This app will cost you $99.99 a year if you want to use it.
You’ll get all of the functionality of Quicken Home & Company, as well as accessibility to the Quicken companion mobile accountant app, for this price.
Quicken Home & Business is the most costly of all Quicken goods because it is the most comprehensive version of their apps. Keep in mind that Quicken’s accounting software comes with a 30-day money-back policy.
Pricing for QuickBooks Online
The pricing for QuickBooks Online is a little more complicated, with four different packages to choose from. Finally, QuickBooks charges a monthly subscription fee, which varies depending on which of the plans you choose. The following is a breakdown of the four plans’ costs:
- Begin with a low-cost plan of $25 per month.
- $40 a month for the essentials
- In addition, there is a monthly fee of $70.
- $150 a month for advanced users
However, for an extra fee, you can incorporate supplementary QuickBooks resources such as QuickBooks Payroll, TSheets, point of sale, and so on.
When it comes right down to it, Quicken has two distinct advantages over QuickBooks Online.
If you want to monitor both your personal and business finances with a single program, Quicken Home & Business can effectively handle your personal finances, manage financial transactions, and provide a few business resources. Quicken might be appropriate for your needs if you only have a small number of business transactions to monitor and coordinate (especially if they’re connected to a rental property).
QuickBooks Online’s Advantages
QuickBooks Online works out in more ways than one.
QuickBooks was created with small business owners in mind. As a result, it offers a wide range of accounting resources that small companies can use to fully streamline and improve their financial operations. Quicken is known for having limited enterprise accounting software solutions in the market while QuickBooks Online is known for being one of the most feature-rich company business software systems on the market.
To Sum Up
Depending on the above differences between Quicken and QuickBooks, you should be able to determine whether or not one of this accounting software is right for the organization.
When it comes right down to it, you’ll want to use QuickBooks Online (or a substitute) to handle your company finances unless you’re operating a side rental business with just a few payments to reconcile.
Ultimately, despite its low cost, Quicken Home & Business is primarily intended for personal financial management.